* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Ironbark Waverton Concentrated Global Share Fund
Survey
Document related concepts
Financial economics wikipedia , lookup
Individual Savings Account wikipedia , lookup
Pensions crisis wikipedia , lookup
Private equity wikipedia , lookup
Negative gearing wikipedia , lookup
Private equity secondary market wikipedia , lookup
Investor-state dispute settlement wikipedia , lookup
Stock selection criterion wikipedia , lookup
Corporate venture capital wikipedia , lookup
International investment agreement wikipedia , lookup
Early history of private equity wikipedia , lookup
Land banking wikipedia , lookup
Public finance wikipedia , lookup
Fund governance wikipedia , lookup
Transcript
Product Disclosure Statement Ironbark Waverton Concentrated Global Share Fund Dated: 1 September 2016 APIR: MGL0004AU | ARSN: 090 379 105 Responsible Entity: Contact details Ironbark Asset Management (Fund Services) Limited ABN 63 116 232 154 | AFSL 298626 Level 18, 1 Margaret Street, Sydney NSW 2000 If you have an enquiry or would like more information about this Fund, you can speak to an Ironbark representative between 9.00 am and 5.30 pm (AEST), Monday to Friday (excluding public and bank holidays in NSW). Investment Manager: Ironbark Client Services: Waverton Investment Management Ltd Registered in England 2042285 VAT 503 5758 52 Phone: 1800 034 402 Email: [email protected] Website: www.ironbarkam.com Contents 1. About Ironbark Asset Management (Fund Services) Limited page 2 2. How the Ironbark Waverton Concentrated Global Share Fund works page 2 3. Benefits of investing in the Ironbark Waverton Concentrated Global Share Fund page 3 4. Risks of managed investment schemes page 4 5. How we invest your money page 5 6. Fees and costs page 6 7. How managed investment schemes are taxed page 7 8. How to apply page 8 9. Other information page 8 This Product Disclosure Statement (‘PDS’) has been prepared and issued by Ironbark Asset Management (Fund Services) Limited (‘the Responsible Entity’), a wholly owned subsidiary of Ironbark Asset Management Pty Ltd ABN 53 136 679 420 AFSL 341020 (collectively ‘Ironbark’) and is a summary of the significant information relating to an investment in the Ironbark Waverton Concentrated Global Share Fund (the ‘Fund’). It contains a number of references to important information contained in the Ironbark Waverton Concentrated Global Share Fund Additional Information dated 1 September 2016 (‘Additional Information’), which forms part of the PDS. The offer to which this PDS relates is only available to persons receiving the PDS in Australia. Throughout the PDS there are references to the Additional Information. Definitions used in the Additional Information are also used in the PDS. The Additional Information is available at www.ironbarkam.com or you can request a copy free of charge by calling Ironbark Client Services on 1800 034 402. The Additional Information may change between the time you read this PDS and the day you acquire units in the Fund. You must therefore ensure that you have read the Additional Information current at the date of your application. Certain information in this PDS is subject to change. We will notify you of any changes that have a materially adverse impact on you or other significant events that affect the information contained in this PDS. Any updated information which is not materially adverse may be obtained online at www.ironbarkam.com or by calling Ironbark Client Services on 1800 034 402. A paper copy of the updated information will be provided free of charge on request. You should consider both the information in this PDS and the information in the Additional Information, before making a decision about investing in the Fund. The information provided in this PDS is general information only and does not take account of your personal financial situation or needs. You should obtain financial advice tailored to your personal circumstances. Product Disclosure Statement | Ironbark Waverton Concentrated Global Share Fund 1 About Ironbark Asset Management (Fund Services) Limited Ironbark Asset Management (Fund Services) Limited Ironbark Asset Management (Fund Services) Limited is the Responsible Entity of the Fund and the issuer of units in the Fund. It is a wholly owned subsidiary of Ironbark Asset Management Pty Ltd (collectively ‘Ironbark’). Ironbark Asset Management (Fund Services) Limited is an Australian incorporated company licensed to be a responsible entity, and holds an Australian Financial Services Licence to operate registered managed investment schemes. The Responsible Entity is responsible for: • the management of the Fund in accordance with the Fund’s Constitution (‘Constitution’), the Corporations Act and general law; and • the appointment and the monitoring of the performance of the Fund’s service providers including the Investment Manager. Ironbark is an independent provider of asset management solutions. Ironbark seeks to build investment solutions that are relevant and meet the needs of its distributors and investors. To achieve this, Ironbark invests in quality people to deliver the highest service standards. Through our strategic partnerships with international and Australian fund managers, Ironbark provides investment solutions across a diverse range of asset classes including Australian and international securities, alternative investments, domestic and global property securities, and fixed interest securities. At the date of this PDS, Ironbark manages and distributes over $4 billion in assets. Ironbark has delegated investment management activities for the Fund to Waverton Investment Management Ltd. Waverton Investment Management Ltd Waverton Investment Management Ltd (registered in England No 2042285 VAT No 503 5758 52) (‘Waverton’) (‘Investment Manager’) has been appointed as the Investment Manager of the Ironbark Waverton Concentrated Global Share Fund. Waverton is a long established discretionary investment management firm located in London. Waverton’s principal aim is to generate attractive real returns for their clients over the long term, using an active approach. The Waverton Global Share Team will manage this Fund using its investment strategy which is built upon a cash flow economic return framework and a corporate Life Cycle concept. How the Ironbark Waverton Concentrated Global Share Fund works The Fund is a registered managed investment scheme. The Fund is governed by the Constitution of the Fund (‘Constitution’). The Fund is comprised of assets which are acquired in accordance with the Fund’s investment strategy. Investors receive units in the Fund when they invest. Each unit represents an equal interest in the assets of the Fund subject to liabilities. However, it does not give the investor an interest in any particular asset of the Fund. Applying for units Investors can acquire units by completing an Application Form (‘Application Form’). The minimum investment amount for the Fund is $20,000. The price at which units are acquired is determined in accordance with the Constitution (‘Application Price’). The Application Price on a Business Day (as defined in the Additional Information) is equal to the Net Asset Value (‘NAV’) of the Fund, divided by the number of units on issue and adjusted for transaction costs (‘buy/sell spread’). The Application Price will vary as the market value of assets in the Fund rises or falls. If a correctly completed application form (‘Application Form’), identification documents (if applicable) and cleared application money is received before or on 2.00pm AEST on a Business Day, the application will be processed on that Business Day. This means you will receive the application price calculated for that Business Day; if received after 2.00pm AEST on a Business Day, the application will be processed on the next Business Day. This means you will receive the application price calculated for the next Business Day. Making additional investments You can make additional investments into the Fund at any time by completing an Additional Investment Form together with your additional investment amount. The minimum additional investment into the Fund is $1,000. Distributions The Fund usually distributes income semi-annually at the the end of December and June. Distributions are calculated on the last day of each accounting period end (31 December and 30 June), and are normally paid to investors within 14 days of the period end. The Constitution allows up to two months from the end of the relevant distribution period. Subject to the law, Ironbark may change the distribution frequency without notice. An investor’s share of any distributable income is calculated in accordance with the Constitution and is generally based on the number of units held by the investor at the end of the distribution period and the distributable income. In some circumstances, where an investor makes a large withdrawal request (5% or more of the units on issue at the start of the relevant distribution period), their withdrawal proceeds may be taken to include a component of distributable income. Investors can have their distribution reinvested or paid to a nominated bank account. Investors who do not indicate a preference will have their distributions automatically reinvested. Indirect Investors should review their Investor Directed Portfolio Services (‘IDPS’) guide for information on how and when they receive any income distribution. Product Disclosure Statement | Ironbark Waverton Concentrated Global Share Fund 2 Access to your money Investors of the Fund can withdraw their investment by completing either a withdrawal form (available via www.ironbarkam.com) or provide a written request to withdraw from the Fund (detailing the number of units to be redeemed or the dollar value required, the account number, Fund name and the name in which the investment is held). You can fax your withdrawal request to 02 9323 6411 or mail to: Ironbark Asset Management (Fund Services) Limited C/- State Street Australia Limited - Unit Registry Level 14, 420 George Street Sydney NSW 2000 All valid withdrawal requests received by 2.00pm AEST on a Business Day will be processed using the unit price next calculated after 2.00pm AEST for that Business Day. Any valid withdrawal request received after 2.00pm AEST on a Business Day will be processed using the unit price calculated for the following Business Day. The minimum withdrawal amount is $1,000. Once your withdrawal request is received, we may act on your instruction without further enquiry if the instruction bears your account number or investor details and your (apparent) signature(s), or your authorised signatory’s (apparent) signature(s). The Withdrawal Price will vary as the market value of assets in the Fund rises or falls. We reserve the right to fully withdraw your investment upon 30 days notice if your investment balance in the Fund falls below $20,000 as a result of processing your withdrawal request. The payment of fees to your financial adviser is not regarded as a withdrawal request for these purposes. Ironbark can deny a withdrawal request in certain circumstances, including where accepting the request would cause the Fund to cease to be liquid or where the Fund is not liquid (as defined in the Corporations Act). When the Fund is not liquid, an investor can only withdraw when Ironbark makes a withdrawal offer to investors in accordance with the Corporations Act. Ironbark is not obliged to make such offers. If you are an Indirect Investor you need to provide your withdrawal request directly to your IDPS operator. The time to process a withdrawal request will depend on the particular IDPS operator. Unit pricing discretions policy Ironbark has developed a formal written policy in relation to the guidelines and relevant factors taken into account when exercising any discretion in calculating unit prices (including determining the value of the assets and liabilities). A copy of the policy and, where applicable and to the extent required, any other relevant documents in relation to the policy will be made available to investors free of charge on request to Ironbark. Ironbark will generally allow investors of the Fund to access their investment within 10 Business Days of receipt of a withdrawal request by transferring the withdrawal proceeds to your nominated bank account. However, in some circumstances (such as when there is a freeze on withdrawals) you may not be able to withdraw your investment within this usual period. The Constitution allows Ironbark to make payment up to 21 Business Days after receipt of a request. You should read the important information about applications, withdrawals, cooling-off rights and reports in the Additional Information before making a decision. The Additional Information is available at www.ironbarkam.com. Go to the ‘Investing in the Ironbark Waverton Concentrated Global Share Fund’, ‘Managing your investment’, ‘Withdrawing your investment’ and ‘Other important information’ sections of the Additional Information. The price at which units are withdrawn is determined in accordance with the Constitution (‘Withdrawal Price’). The Withdrawal Price on a Business Day is, equal to the NAV of the Fund, divided by the number of units on issue and adjusted for transaction costs (‘buy/sell spread’). The material relating to applications, withdrawals, cooling-off rights and reports in the Additional Information may change between the time when you read this PDS and the day when you acquire the product. Benefits of investing in the Ironbark Waverton Concentrated Global Share Fund Significant features • The Fund is a concentrated, actively managed international share strategy with a fundamental stock picking approach that is designed to identify high conviction and undervalued wealth-creating stocks around the globe. The Fund invests in recognised stock exchanges of any country which is a constituent of the MSCI World Benchmark regardless of market cap size and sector, through Waverton’s established investment philosophy and process. Significant benefits • Management expertise and research capabilities: The Fund accesses a skilled investment management team that has an established investment process and track record. The team adopts a detailed fundamental research approach and operates within a structured framework. • Differentiated and repeatable investment process: The Fund is differentiated through its use of a cash flow economic return framework and the application of its corporate Life Cycle approach. We believe the strategy uses a long-term, repeatable and robust investment process. • Risk-controlled framework: The Fund benefits from a disciplined risk management construct and is overseen by the performance and risk team. • Access to investment opportunities and overseas markets: The structure of the Fund pools investors’ money into one unit trust. This means that investors can access and benefit from investment opportunities that typically require scale and breadth, while only investing a comparatively small amount. Although an individual may be able to directly invest in overseas stocks, a managed Fund can tap into global information networks. The Fund has the infrastructure to access and trade in global markets, but in an efficient and cost-effective manner. Product Disclosure Statement | Ironbark Waverton Concentrated Global Share Fund 3 Risks of managed investment schemes All investments carry risk. Different investment strategies may carry different levels of risk, depending on the assets acquired under the strategy. Assets with the highest long-term returns may also carry the highest level of short-term risk. Highlighted below are some of the significant risks you should consider when deciding whether to invest in the Fund. Please refer to the Additional Information for a further explanation of risks and measures employed by us to manage those risks. You may want to consider these risks in light of your risk profile. Your risk profile will vary depending on a range of factors, including your age, the investment time frame (how long you wish to invest for), your other investments or assets and your risk tolerance. We do not guarantee the liquidity of the Fund’s investments, repayment of capital or any rate of return or the Fund’s investment performance. The value of the Fund’s investments will vary. You may lose money by investing in the Fund and your investment in the Fund may not meet your objectives. The level of returns will vary and future returns may differ from past returns. Laws affecting managed investment schemes may also change in the future. In addition, we do not offer advice that takes into account your personal financial situation, including advice about whether the Fund is suitable for your circumstances. If you require personal financial advice, you should contact a licensed financial adviser. Specific risks of investing in this Fund Particular risks associated with the Fund include: Active management risk The Fund invests in selected securities, rather than investing in a predetermined basket of securities such as an index. The Fund may underperform the stated benchmark due to investment choices. Individual investment risk The value of each underlying investment of the Fund can rise and fall in value. Structural risk Risks include the potential termination of the Fund, and the risk of error in administration of the Fund. There is also a risk that investing in the Fund may give different results than investing individually because of income or capital gains accrued in the Fund and the consequences of applications and withdrawals by other investors. We aim to manage this risk by monitoring the Fund and acting in your best interests. Small capitalisation investment risk Small capitalisation securities, of companies in which the Fund is permitted to invest, generally have a lower degree of liquidity (i.e. they are generally more difficult to trade) than larger capitalisation securities. Concentration risk The Fund has a concentrated portfolio, meaning it holds a limited number of investments and/or takes large positions in a relatively small number of securities. If one or more of these investments declines or is otherwise affected, it may have a pronounced effect on the Fund’s value. Currency risk The Fund invests in overseas markets and has exposure to movements in the currencies concerned. There is a risk that changes in global currency rates will adversely affect the value of the Fund.Currency movements relative to the Australian dollar are not actively managed, and may add to or detract from the domestic value of the Fund’s overseas investments and the income from those investments. Investment manager risk The Fund is managed by Waverton via an investment management agreement. The investment management agreement can be terminated for various reasons and a new Investment Manager can be appointed. You should read the important information about risks in the Additional Information before making a decision. The Additional Information is available at www.ironbarkam.com. Go to the ‘Risks of managed investment schemes’ section of the Additional Information. The material relating to risks in the Additional Information may change between the time when you read this PDS and the day when you acquire the product. Product Disclosure Statement | Ironbark Waverton Concentrated Global Share Fund 4 How we invest your money Warning: Before choosing to invest in the Fund you should consider the likely investment return, the risks of investing and your investment time frame. Investment objective The Fund seeks to outperform the MSCI World NR (AUD) by 2-3% after fees, over rolling five year periods through investment in a focused selection of equities on a global basis. Benchmark MSCI World NR (AUD) Minimum suggested timeframe 5 to 7 years Standard risk measure 6 - High Risk level of the Fund High. There is a risk that investors may lose some or all of their investment. Higher risk investments tend to fluctuate in the short term but may produce higher returns than lower risk investments over the long term. Investor suitability The Fund is intended to be suited to investors who seek long term capital growth and accept that fluctuations in investment returns may be experienced. Investment style and approach The Fund adopts a high conviction, long-only stock picking approach that invests in listed shares of 20-45 companies around the globe, which Waverton believe will: • Create shareholder wealth as a result of their intentional management strategy and/or superior business models; • Are priced at a significant discount to conservative estimates of cash-based, long-term intrinsic value; and • Demonstrate a reasonable investment ‘margin of safety’ in the analysis of the above two attributes. The Fund aims to be fully invested in global listed equities, however can have exposure to cash. The combination of management strategy, capital allocation, business models, long-term valuation opportunities and an investment ‘margin of safety’ leads to a style that is both valuation and quality focused. Asset allocation3 Sector Minimum Maximum Global Listed Equities 80% 100% Cash 0% 20% The Fund may temporarily move outside the ranges due to certain factors such as the receipt of significant cash flows. If this occurs, action will be taken to bring the Fund back within these ranges as soon as practicable. We reserve the right to terminate the Fund or change the Fund’s investment objectives (including the benchmark, asset allocation and investment style and approach) and/or replace the Investment Manager without providing prior notice. We will inform investors of any material changes to the Fund details on our website or as otherwise required by law. Labour, environmental, social and ethical considerations extent these issues may financially affect an investment, that financial affect could influence Ironbark or Waverton’s investment decisions. Fund performance Up to date information on the performance of the Fund will be available at www.ironbarkam.com or by calling Ironbark Client Services on 1800 034 402. A free paper copy of the information will also be available on request. Neither Ironbark nor Waverton’s decisions to invest, retain or realise investments are based on labour standards, or environmental, social or ethical considerations. However, to the Product Disclosure Statement | Ironbark Waverton Concentrated Global Share Fund 5 Fees and costs Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the Fund or your financial adviser. To find out more If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.moneysmart.gov.au) has a managed investment fee calculator to help you check out different fee options. The information in the following table can be used to compare costs between different simple managed investment schemes. Fees and costs may be deducted from your application money, from the returns on your investment or from the assets of the Fund which reduces the investment return to investors. Type of fee or cost Amount Fess when your money moves in or out of the Fund Establishment fee: The fee to open your investment. Nil Contribution fee: The fee on each amount contributed to your investment. Nil Withdrawal fee: The fee on each amount you take out of your investment. Nil Exit fee: The fee to close your investment. Nil Management costs. The fees and costs for managing your investment. Management costs 1 2 3 4 1.0156% p.a. of the NAV of the Fund1,2,3. Comprising: 0.90% p.a. management fee 0.1156% p.a. estimated expense recovery4 An Adviser Service Fee and transaction costs may also apply. For more detail refer to the Additional Information. Unless otherwise stated, all fees quoted in this Product Disclosure Statement are quoted on a GST inclusive basis and net of any reduced input tax credits. The management costs can be negotiated with sophisticated and Wholesale Clients as defined under the Corporations Act. The expense recovery (for expenses other than abnormal costs) is currently capped at a maximum of 0.2250% p.a., refer to Section 2 of the Additional Information for further details. Management costs Changes in Fees The Management costs include responsible entity fees, investment management fees, custodian fees, administration fees and other expenses. It is calculated and accrued daily based on the NAV of the Fund. The accrued fees are paid in arrears from the Fund at the end of each month. The management costs reduce the NAV of the Fund and are reflected in the unit price. Fees may increase or decrease for a number of reasons without investor consent, subject to the maximum fee amounts specified in the Constitution. Ironbark will provide investors with notice of any proposed fee increase in accordance with the law. Expense recoveries and buy/sell spreads may change without notice, for example, when it is necessary to protect the interests of existing investors and if permitted by law. In most circumstances the Constitution defines the maximum fees that can be charged for fees described in this offer document. Buy/sell spread The buy/sell spread reflects the estimated costs incurred in buying or selling assets of the Fund when investors invest in or withdraw from the Fund. The buy/sell spread is an additional cost to the investor but is incorporated into the unit price and incurred when an investor invests in or withdraws from the Fund and is not separately charged to the investor. The buy/sell spread is paid into the Fund and is not paid to the Responsible Entity or the Investment Manager. The estimated buy/sell spread is 0.20% upon entry ($40 for each investment of $20,000) and 0.20% upon exit ($40 for each $20,000 withdrawn). Differential fees We may issue units to certain investors such as sophisticated, professional or wholesale investors with a reduced management fee. Such arrangements would be subject to individual negotiation and compliance with the Corporations Act and ASIC policy. We will not enter into individual fee arrangements with retail clients as defined in the Corporations Act. Product Disclosure Statement | Ironbark Waverton Concentrated Global Share Fund 6 Example of annual fees and costs for the Fund This table gives an example of how the fees and costs for this managed investment product can affect your investment over a 1 year period. You should use this table to compare this product with other managed investment products. Amount Balance of $50,000 with a contribution of $5,000 during the year Contribution fees Nil For every additional $5,000 you put in you will be charged $0. PLUS management costs 1.0156% p.a. For every $50,000 you have in the Fund you will be charged $507.80 each year. Equals Cost of Fund 1 2 If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during that year, you would be charged fees of $507.80 to $558.581,2. What it costs you will depend on the fees you negotiate. Additional fees may apply. Please note that this example does not capture all the fees and costs that may apply to you such as the buy/sell spread. The amount of the Management cost will depend on when the additional $5,000 is contributed. Please note that this is just an example. In practice, your investment balance will vary, as will the related management costs. ASIC provides a fees calculator on its ‘moneysmart’ website www.moneysmart.gov.au, which you could use to calculate the effects of fees and costs on your investment in the Fund. Additional fees may be paid to a financial adviser if a financial adviser is consulted, refer to the Statement of Advice provided by the financial adviser in which details of the fees are set out. You should read the important information about fees in the Additional Information before making a decision. The Additional Information is available at www.ironbarkam.com. Go to the ‘Additional explanation of fees and costs’ section of the Additional Information. The material relating to fees in the Additional Information may change between the time when you read this PDS and the day when you acquire the product. How managed investment schemes are taxed Warning: Investing in the Fund is likely to have tax consequences. Australian tax laws are complex and subject to constant change. The tax comments below are only relevant for Australian resident investors that hold their interests in the Fund on capital account. Further, they may not be relevant for investors that are subject to special tax rules such as banks, insurance companies, managed investment trusts, tax exempt organisations and dealers in securities. We strongly advise you to seek professional tax advice before making a decision to invest. The Fund is an Australian resident for tax purposes and does not pay tax on behalf of its investors. Australian resident investors are assessed for tax on any income and capital gains generated by the Fund. Tax on distributions made by the Fund Managed investment trusts are generally not subject to tax on their net income or net capital gains. Rather, each investor will be assessed on their proportionate share of net income of the Fund. This is the case even where distributions are reinvested into the Fund or where no cash distribution is made by the Fund to investors. The Fund may be liable to withhold tax on any distribution of Fund payments, interest or dividends made to non-residents. Tax on withdrawal money from the Fund If you are an Australian resident investor, when you withdraw or transfer units in the Fund, you will generally be required to include the resulting capital gain or capital loss in your net capital gain calculation for the relevant period. Tax should be payable on any net capital gain that you make for that period. Composition of distributions Taxable distributions from the Fund should primarily be in the form of capital gains, foreign sourced dividend income or interest. Income tax offset entitlements for foreign income tax paid by the Fund may be attached to such distributions made by the Fund. Non-assessable (tax deferred or tax free) distributions may also be made by the Fund. Any tax losses or capital losses made by the Fund cannot be distributed to investors. Providing a Tax File Number (‘TFN’) or an Australian Business Number (‘ABN’) Providing a TFN is not compulsory, however, if you do not provide your TFN or ABN or claim an exemption, the Fund is required to deduct tax at the top marginal tax rate plus Medicare levy on the taxable component of any distributions. Ironbark will send you an annual tax distribution statement each year to assist in the preparation of your income tax return. Product Disclosure Statement | Ironbark Waverton Concentrated Global Share Fund 7 How to apply To invest please complete the Application Form accompanying this PDS and either; Enquiries and complaints • make payment by direct deposit (see details in the Application Form), If you have any questions regarding the Fund or are not completely satisfied with any aspect of services regarding the management of the Fund, please contact Ironbark Client Services on 1800 034 402. Ironbark seeks to resolve potential and actual complaints over the management of the Fund to the satisfaction of investors. and send your Application Form to: If you wish to lodge a written complaint, please write to: Ironbark Asset Management (Fund Services) Limited C/- State Street Australia Limited - Unit Registry Level 14, 420 George Street Sydney NSW 2000 Ironbark Asset Management (Fund Services) Limited Level 18, 1 Margaret Street, Sydney NSW 2000 Email: [email protected] • attach your cheque payable to ‘Ironbark Asset Mgmt A/c <name of investor>’, or Please note that cash cannot be accepted. Who can invest? Investors can be individuals, joint investors, trusts, clubs and associations, partnerships and companies or the trustee(s) of a self managed superannuation fund. Applicants who are individuals must be 18 years of age or over. Investors investing through an IDPS should use the application form provided by the operator of the IDPS. Cooling-off period A fourteen (14) day cooling-off period applies during which you may change your mind about your application for units and request the return of your money in writing. Generally, the cooling-off period runs for 14 days from the earlier of the time your application is confirmed, or the end of the fifth Business Day after your units are issued. We will seek to resolve any complaint and will respond as soon as possible but not longer than 45 days after receiving the complaint. If we are unable to resolve your complaint during that time or if you are not happy with our resolution, you can contact the Financial Ombudsman Service on 1300 780 808. If you are investing through an IDPS, then enquiries and complaints should be directed to the operator of the IDPS, not Ironbark. You should read the important information about cooling-off rights in the Additional Information before making a decision. The Additional Information is available at www.ironbarkam.com. Go to the other important information section of the Additional Information. The material relating to cooling-off rights in the Additional Information may change between the time when you read this PDS and the day when you acquire the product. Other information Consent Waverton has given, and not withdrawn, its written consent to be named in this PDS in the form and context in which it is named and for the inclusion of information about them in this PDS and the Additional Information. Waverton has not authorised or caused the issue of, and takes no responsibility for, this PDS or the Additional Information, other than the inclusion of the information about Waverton. Disclosure Material information in relation to the Fund is posted on the website at www.ironbarkam.com. You may also obtain a copy of the most recent annual financial report from the website or free of charge by contacting Ironbark Client Services on 1800 034 402. As an unlisted disclosing entity, the Fund is subject to regular reporting and disclosure obligations. Investors (but not Indirect Investors) have a right to obtain a copy, free of charge, of any of the following documents: • the most recent annual financial report; • any half yearly financial report lodged with ASIC after the lodgment of that annual financial report but before the date of the PDS; and • any continuous disclosure notices lodged with ASIC after that financial report but before the date of this PDS. These documents can also be obtained from or inspected at an ASIC office. Indirect investors You may be able to invest indirectly in the Fund via a master trust or wrap account (commonly known as an IDPS) by directing the IDPS operator to acquire units on your behalf. If you do so, you will need to complete the relevant forms provided by the IDPS operator. The Responsible Entity is not responsible for the operation of any IDPS. This will mean that you are an Indirect Investor in the Funds and not a unitholder or member of the Funds. Indirect Investors do not acquire the rights of a unitholder as such rights are acquired by the IDPS operator who then can exercise, or decline to exercise, these rights on your behalf. Indirect Investors do not receive reports or statements from us and the IDPS operator’s withdrawal conditions determine when you can withdraw. Your rights as an Indirect Investor should be set out in the disclosure document issued by the IDPS operator. We authorise the use of this PDS as disclosure to Indirect Investors and prospective Indirect Investors. Product Disclosure Statement | Ironbark Waverton Concentrated Global Share Fund 8